Gold and Silver Near a Major Turning Point

Craig (00:01.023)
Hello again from Sprott Money, SprottMoney.com. We are fast approaching the end of July. And even though it is currently July the 24th, we're gonna go ahead and try to wrap this month up. I'm your host, Craig Hemke, and joining me to

Bob Thompson (00:09.294)
All right.

Craig (00:30.845)
Kind of put a bow on July is Eric Sprott's old friend. And heck, after all this time, he's my old friend too, Bob Thompson of Raymond James in Vancouver. Bob's known Eric a long time. He's been a good friend of Sprott Money for a long time. And it's always good to see what he thinks is going on in the world. Bob, good to see ya.

Bob Thompson (00:49.164)
Great to see you again, Craig. And you know we were we were chatting before that I my kids are eight and six now and I don't think even think they were born when I started talking to you. So it's been a while.

Craig (00:56.435)
Aging fast pop. Geez, I remember when they were born. It's like, that was just a couple years ago, wasn't it? goodness gracious. Well, as I mentioned, again, we're gonna wrap up the month. It has been a busy month, but a very busy month that's brought money too. the medals are hanging in there. People start to look for a little turnaround. We're gonna talk about that here. Hey, no better time to buy the dip than now. Again, sprottmoney.com is where you want to do that.

Bob Thompson (00:59.905)
Yeah.

Yeah.

Craig (01:25.253)
Always great deals. They'll store it safely and securely for you too. Just go to sprottmoney.com and check it out. Or you always just call them up. It's two eight eight eight-eight six one zero seven seven five. Bob, it has been an interesting month. as June was wrapping up, it seemed like we were getting to peak hawkishness in terms of yeah, you know, wars are gonna hike rates, you know, and inflation's out of control.

And gold went down to about 4,000. It seemed like I kind of jumped the gun on that because the war kind of restarted here in July. Rates have shot higher, the dollar's gone higher, more rate hikes are on the table, but gold's still above 4,000. So are we in the process of finally finding a floor here for both metals?

Bob Thompson (02:02.071)
Right.

Bob Thompson (02:08.301)
Right.

Bob Thompson (02:14.977)
Right. You know what? I think the key is to look at the news, don't pay attention to the news, but see how much of that news is actually factored into the market. Right. That that's that's how you make that's how you make money. It's not whether the news is good news or bad news, because you can do really well on on supposed bad news if things are just overshot on the downside. So I think that's that's what's really important about this. And yeah, here we are. Pessimism is and that's why I pay tends to sentiment a lot, because

Craig (02:41.149)
Mm-hmm.

Bob Thompson (02:42.281)
Sentiment is is so important. You know, on on Twitter you get good sentiment, right? You you know, people say gold's going up and you get all these comments and you're like, okay, well, sentiment's pretty bad here. We're probably due for a bounce. but I I think that you know, yeah, we peacockishness is I think is important what you said, because the obvious is obviously wrong, right? So whenever in the markets, as Stanley Druck and Miller says,

Craig (02:46.762)
Yeah, for sure.

Bob Thompson (03:07.187)
When you get peacockishness and the news seems to be the worst, that's probably the time to start s sniffing around, right? And I think we've probably reached that. Kevin Walsh wanted to get up there. He wanted to talk about how things are gonna be different, how he's gonna be better, you know, how he's not gonna give forward guidance, all this sort of stuff, which you know, most of them all say that.

the only one who ever did anything about it was Volcker. right. th which they can't do today because the debt is is is so high. But anyway, he's given his he's given his hawkish speech, which I think is kind of fascinating because we've had the president for the last year and a half threatening to

fire the last one because he wouldn't cut interest rates and now this one's gonna raise and everybody's okay with it. So I'm not sure. Anyway, we'll we'll we'll see what happens there. But but yeah, if we have reached peak hawkishness, that means people hopefully have puked out their final bit of of gold in the ETFs and the f and the and in the West here. And hopefully that's gonna set us up for a bottom. I mean

We we all know we look at the technicals and we'll talk about that, but you know, that thirty eight hundred to four thousand was kind of a big support zone and supposedly it's kept that zone right now and the same with silver.

Craig (04:21.315)
You know, Bob, it there are a lot of these sentiment indicators. I've seen tweets on on X about gold, the gold bullish indicator, you know, that kind of thing. the RSI indicators for the you know, for the weekly on gold are as low as they've been in f you know, like four times this decade. That in strength index in the miners has gone to zero a couple of times down from a hundred. Bob, is it is it you know, we look back now.

Bob Thompson (04:31.148)
Yeah.

Bob Thompson (04:39.255)
Right.

Bob Thompson (04:44.407)
Yeah, yeah.

Craig (04:49.959)
I mean, the last time you and I spoke on one of these deals was January the twenty eighth, right? and you look back now and you see what's happening, like, okay, maybe things got a little frothy and a little over optimistic back in January. Are we now six months later? Are are we gonna be look looking back at July and going, Yeah, boy, things really got overly pessimistic too.

Bob Thompson (04:53.761)
Yeah.

Bob Thompson (05:01.132)
Really?

Bob Thompson (05:09.579)
Right. Yeah, you know, I think so. Last time we talked, happened to be right at the right at the short term top. hopefully this time we're talking is at the short term bottom. but th what you say there is fascinating. And you know, we're we're all pretty happy about you know that we were vindicated silver price went up, etc. But even having said that, I don't like parabolic moves, it's just because you end up having to suffer through the other side of the parabola.

Craig (05:19.239)
Yeah.

Bob Thompson (05:39.02)
All the way down to where the breakout happened, which is kind of where we are right now. Now that doesn't mean anybody's negative on silver. It's still gonna, I think it's we're gonna we're gonna have a massive run here and it's gonna do well. I would prefer if it went up two percent a month, twenty-five percent a year for the next eight years. Now it's not gonna do that. It's gonna shake people out, it's gonna, it's gonna make it as difficult as possible. And that's why we always say, you know, the least amount of people in the market make the most amount of money.

Craig (05:52.701)
Right.

Bob Thompson (06:05.067)
That's always the case because you get shaken out along the way, and tourists get shaken out. And most people in this industry are tourists. You know, we think because you and I talk about silver and gold in our community, that everybody knows what we're talking about. But it isn't. It's a very small slice. And when people come very small, and when people come into this industry, they're tourists. And what I mean by that is they come in in, you know.

When the weather is the nicest, when it's nice and warm and comfortable, and they leave when the storm hits, right? That's what tourists do. So pretty much everybody in this industry that comes in, especially at this point of the market, is a is a tourist. And and and why is that important? Because that creates immense volatility, right? The tourists all rush in for

Craig (06:41.203)
Yeah.

Bob Thompson (06:56.649)
you know, the day with the weather is really, really nice, and then they all rush out at the at the other times. And you gotta kind of be cognizant of that, look at that sentiment and and make appropriate decisions, right? So never, you know, n never buy a tremendous amount during euphoria. I mean, I believe we're in a bull market here, but I prefer to just add to positions when when things are getting puked out again. And I think we're

You know, we're we're we're down at those levels. You can never pick the bottom, that's for sure. But I think we're we're getting down near those levels right now. you know, 4,000 gold, if we were talking five years ago, 4,000 gold, we would have said, man, that's that's gonna be amazing. You know, how many people how many people a few years ago, there was a quote that I heard, people said, you know, if what if gold goes to five thousand? I don't I don't wanna live in a five thousand dollar gold environment. What's gonna what's the world gonna look like? Well, didn't look too bad, right? But but here we are.

Craig (07:32.55)
Right.

Craig (07:43.687)
Right. People say that stuff.

Right.

Bob Thompson (07:50.431)
And I and I think I think things will go a lot higher over time.

Craig (07:53.573)
And you know, and Bob, I mean like you said, I mean, we can all cherry pick dates and all this kind of stuff. But last summer, in fact, right this time period, end of July, the metals have been going sideways for three or four months. And everybody thought, gold's at thirty four hundred, it's topped out, it's rolling over. And I mean, silver was like thirty five. And so, you know, if if we'd been doing this call on July twenty fourth of twenty twenty five, and I said, don't worry, Bob.

Bob Thompson (07:58.37)
Yeah. Yeah.

Bob Thompson (08:04.917)
Right. Right.

Bob Thompson (08:14.007)
Right.

Craig (08:22.439)
By next year, we're talking four thousand forty one hundred dollar gold and fifty-eight dollar silver. We've been like, woo. You know, but but more importantly though, how how significant is it that in our lifetime, silver had run up to forty-eight dollars or so twice and then just collapsed? And instead, this time we broke through 48 nine months ago and we're still above there.

Bob Thompson (08:32.663)
Yeah.

Bob Thompson (08:46.049)
Bread.

Bob Thompson (08:49.675)
Right, right. I I I I do think you know it takes a long time with silver and you know, people have talked about manipulation and the tourists coming in and out. But when something's small and you do have a lot of sentiment changes rapidly, yeah, things are gonna be extremely, extremely volatile, but you have to step back from that and look at the big picture. And like you said, we've broken out over that fifty dollar level, you know.

I don't think it's going to happen, but I wouldn't be surprised to see it get pushed down below 48 or 47 just just to test everybody and make sure that you get everybody out that isn't a true believer. You know, that's a that'll be I I'm not saying that's gonna happen, but I wouldn't be surprised because again, the least amount of people make the most amount of money in the in in in the market. But things are gonna things are gonna turn around here. when you get that.

you I I said I don't like parabolas on the upside 'cause you gotta

kind of do the downside, right? I it's the same thing though on the downside, right? When you get that absolute puking out, and I use that term that nobody can take it anymore. They've got to get out. Well you get the V recovery when that happens, right? you don't get U shaped recoveries, you get V shaped recoveries. You know, I don't know if we're at that at that puking stage yet, but I'll tell you when we were and this is why the buy point is so important in any asset. Doesn't doesn't matter if it's gold or silver or anything else. If your cost on silver, if you bought

It when it was $25 or $20, it's come down a lot, but you're still doubled your money in the last few years, right? So that buy point is so important. And for us, you know, on the stock side, you know, we were able to buy the Silj. The last kind of puking point for that was back in February 2024, not too long ago, two and a half years ago. SILJ traded just below eight dollars.

Craig (10:40.027)
Mm.

Bob Thompson (10:40.725)
So eight dollar and still it's twenty-four today. It's still up two hundred percent. Now it was up almost four hundred percent, but it's still up two hundred percent. So so it's very, very, very hard to lose money if you if your buy point is correct. And we can and we can talk about sentiment and and and why and you know and and and why Eric originally bought gold. I don't know, we we've we've talked about that before, but you know, I was just going through my mind on that. And Eric said that recently.

Craig (10:43.923)
Yeah.

Bob Thompson (11:07.329)
You know, we recently he said the reason I originally bought gold back in 2000, he said I just saw the financial crisis coming and I wanted to survive. Didn't do it for offense necessarily, did it to survive, right? Survive the financial crisis when it happened. I th he thought gold would be the place to survive. And when you think of it, that's playing defense, right?

That's playing defense. That's that's protecting your capital by buying gold. It's not playing offense, it's playing defense. And you know, which made me think again, you can't lose if you have a good defense. You you you really can't lose. So the World Cup. Do you know how many goals that Spain, the World Cup winner, had scored against it in the World Cup?

Craig (11:43.483)
That's true.

Craig (11:50.427)
Gosh, they played seven or eight games, so more than a few, I would think.

Bob Thompson (11:53.814)
Yeah. Spain had one goal scored against it in the entire tournament. One goal. And when you think of it, if if if nobody scores a goal on you, it's impossible for you to lose. You might tie, but it's impossible to lose, right? So Yeah, they yeah, that's that's right, yes.

Craig (11:57.831)
Why?

Craig (12:06.727)
Yeah.

Well you got that goofy penalty kick thing that I'm not sure about, but anyway, that's beside the point.

Bob Thompson (12:16.075)
Beside the point. So so that's why I I talk about defense a lot. And I talk about gold in in the in the context of defense. And I think that's I think that's really important for people to remember. If you want to survive, you know, what's coming about, this whole financial rearrangement that's going to happen. And you know, everybody wonders why Basent is sitting sitting there as an ex hedge fund manager and working for whatever he's working for now and taking the heat that he's taking.

Craig (12:26.803)
Mm-hmm.

Bob Thompson (12:41.877)
For for what? Well, because Bissent realizes that there's gonna be a financial restructuring and he wants to be the person that goes down in history that's attached to it. Right. So that's his legacy. So, you know, I I I think, you know, something's gonna something's coming up and and and the gold's the best way to protect yourself. you know, whether it's four thousand, five thousand, whatever the case is, but these are these are some good entry points.

Craig (12:51.099)
It's the guy that did it. Yeah.

Craig (13:06.387)
I want to ask you about just the market in general, specifically the US markets, since it's kind of the bellwether in a sense, globally. I'm I'm and the reason this is on my mind, I've been I'm in the process of reading the Andrew Ross Sorkin book, 1929. And I guess there's it's there's just a lot of parallels here a hundred years later, it would seem, you know, history rhyming a little bit. we're kind of in this area on the S P.

Bob Thompson (13:09.345)
Yeah.

Bob Thompson (13:22.219)
Yeah.

Craig (13:34.739)
Up around seventy five hundred where we're kinda going side. We still up on the year. Are you cautious? How do you feel about the broader averages?

Bob Thompson (13:45.196)
Very negative, because I don't like to invest in times of euphoria for anything. And it's just because your upside is that much and your downside is that much. I mean that's just it's just a mathematical, right? So so yeah, I mean our biggest position right now is you know, Eric started a hedge fund back in twenty twenty. Sorry, sorry, two thousand and one, two thousand and two, where he shorted the financials

Craig (13:54.407)
Yeah.

Bob Thompson (14:09.569)
the technology stocks, et cetera, and and went long gold stocks, right? We have a lot of gold stocks, so we're doing that a little bit in the other way. We have a a a hedge fund that's long value stocks, you know, all the all the defensive stocks and consumer staples and things like that, and then short all the craziness, right? And I think that arbitrage is gonna do fantastically well going forward. So so yeah, where are we right now in the market? Well everybody's trying to figure out where we are in the bubble.

But I want to mention a couple things and I think that's really important what you just said. You know, we've talked about the mining clock before, right? And the mining clock is a great way to see where where we are in the cycle. But the mining clock is also a great way to see where we are with any market, actually.

Craig (14:42.408)
Yeah.

Bob Thompson (14:51.481)
you just you you can stamp technology instead of mining on it. So what the mining clock says at 10 o'clock is that you get these massive IPOs in the mining sector, which companies that were worth nothing before, now they're now they're huge. and that's around 10 o'clock. That starts to be the end of the cycle. Well, we just got SpaceX, right? We're gonna get open AI, right? We're gonna get others, but

Craig (15:10.995)
Yeah.

Bob Thompson (15:16.511)
Here's the other thing that happens at the top of a s of the mining cycle is that mining companies take their overvalued stock and they buy somebody else's overvalued stock for a stock-for-stock split, right? Because when your stock is overvalued, it's very easy to give somebody your stock, right? And somebody will take it because they think it's good. Hey, what did SpaceX do just after they went public? $60 billion company they bought. $60 billion acquisition they made for stock.

And I was just like, check, check, check. This is exactly what happens at the top of the cycle. The other thing that happens to the mining sector, especially, is they blow their brains out on the capex side because they feel so comfortable with what's happening. So they take their excess cash flow, they blow their brains out on the capex side, right at the top of the market. well, what's happening right now with all these Mag 7 stocks? They were they were cash flow generators.

Craig (15:47.037)
Hmm. Yeah, yeah.

Bob Thompson (16:14.125)
Google, Microsoft, etc. And now they're blowing all their their cash flow in in in building this CapEx, which might be a great idea for the next 10 years, just like building fiber optic cable was a great idea in 2000 for now, because we're using that fiber optic cable 20 years later. But at the time they they they they all went to zero. So here I don't like to make I guess forecasts, but here's a forecast that I'll make a general one and that is I think AI is going to change the world.

Craig (16:28.531)
Mm-hmm, mm-hmm.

Bob Thompson (16:43.405)
but I think probably in the next five years, most, most, almost all of the AI companies will be worth zero. There'll be a few survivors. There will be, and they'll do well. They'll do well. But the absolute majority will be worth nothing. So and and people say, how can that be?

AI changed the world, but but the stocks didn't do well because there's there's too much speculation times like this. So I I think we're I think we're there. And and here's another thing that happens at the top. And I'm glad you mentioned Adri Ross Orkin. Great guy, great book. Haven't read the 1929 book, but he had he had Jeremy Grantham on, who has been in the market 60 years a little bit ago.

Craig (17:08.723)
Right. Right.

Craig (17:20.945)
You should.

Bob Thompson (17:30.526)
And Jeremy Gramtham was absolutely discredited, lamb-basted, and made to feel like a fool by one of the other hosts. Right. That also happens at the top. When smart people get discredited. Warren Buffett, 1999.

Craig (17:39.271)
Back Kernan.

Craig (17:43.912)
Mm-hmm.

Bob Thompson (17:50.304)
I'm not investing in tech stocks. I don't understand them. They're too overvalued. There was a six to eight month period where people said Warren Buffett's crazy. He's lost. He doesn't even have a computer. What does he know? et cetera, et cetera, et cetera. So I I've often said that value investors and smart people, and we aren't there yet. people are still listening to them, but the discreditation is starting, right? They're gonna get discredited, they're gonna look like fools, they're gonna be made to look like fools by people that have never

put any risk capital into the market. And you know, there you go. That's that that's starting to happen. So I wanted I had a quote here for you. If if that's okay. Can I can I can I can I read it? This is by John Templeton, who was one of the best money managers ever, but it pertains to gold. And I want everybody to kind of remember this quote. He says bull markets are born on pessimism, they grow on skepticism, they mature on optimism

Craig (18:26.851)
All right.

Craig (18:30.514)
Yeah.

Bob Thompson (18:49.483)
And they die on euphoria. So where are we right now in the AI trade in the US? I say we're probably entering the euphoria stage. doesn't mean it's gonna go down tomorrow. Could have a ways to go, but the the ending will be poor for sure.

Craig (19:07.345)
Well, that's a great segue, I guess, to our final question that I have for you today. And that's back to the mining sector where we are in pessimism. We've moved pretty quick in the last six months. and and just just your thoughts on where we are. And again, gotta factor in, you know, where the metals prices go in the back half of the year, and then each of these companies has varying exposure to diesel, you know, and energy costs and all that kind of stuff. So it might be more of a stock picker thing.

But Bob, we've had such an interesting year with these shares. Everybody loved them in the fourth quarter and into January and even February. We made a new all time high in the GDX on February the twenty seventh, Friday, right before the war began. And then here we are down forty percent in the GDX in the time sets. Newmont reported their second quarter earnings on the twenty third. I mean, by all indications, they were pretty good.

Bob Thompson (19:42.23)
Right.

Craig (20:04.933)
And yet Newmont opens lower the next day. is so we're how do looking in I mean, into August now, we're gonna start getting second quarter earnings reports from pretty much every mining company. What would you expect? I mean, are are we in that kind of bull markets begin with pessimism stage or where are we on and where are we on the clock?

Bob Thompson (20:26.891)
I I I think we are, I think we're still at seven o'clock. we got we got a long ways to go for for the mining sector, so we're not nearly at the end. But we need to see a couple things. And right now the tourists are still controlling the market and they're pessimistic, right? So Newmont, sorry, the the precious metal sector is less than one percent of the SP 500.

So really, it doesn't matter to the generalist out there. So let but let me explain that why and and and why it will matter at some point. When you're in a bull market for the for the stock market, which we are right now, AI is doing well and the technology stocks and other and other sort of stuff, nobody cares about a sector that's worth 1% of the market. Because what happened who cares? If it goes from one per if it doubles, it goes from 1% to 2%.

Craig (20:54.513)
Yeah. Yeah.

Bob Thompson (21:16.915)
Didn't even affect them if it triples, it goes from one percent to three percent. But what they start to care about, and that's why Newmont went down with the earnings because nobody cares right now. So, what we have to do is we got to get that capital rotation event, right? Like happened from 2000 to 2002. Other things have to stop working, and it's has to start hurting the generalists that they don't own gold, right.

Craig (21:19.559)
Yeah. Yeah.

Bob Thompson (21:39.02)
Be it's not hurting them right now. If it if it doubles in value, it it still doesn't hurt their performance, right? But what's gotta happen is is whatever they're in's gotta be going down a lot, like technology and the gold stocks have got to be going up a lot. Then they look because they're all hugging the index, right? They then they look and they say, the index is up this percentage and I'm only up this percentage, why?

because I didn't have exposure to gold stocks. Okay, I better get some exposure there. And then the money just starts flowing in. And we're nowhere near that right now, which is which is great. That's why it that's why it tells us we're not at the end of the cycle for for mining, right? When when it's the same for energy. I mean, energy stocks are less than three percent of the index, which is craziness because the world can't run without energy. But you know, energy stocks in nineteen eighty were worth twenty, twenty-five percent of the index. Today they're worth less less than three.

Craig (22:21.266)
Yeah.

Bob Thompson (22:28.789)
So it's it's it's for all the commodity stocks, but it will it will start mattering and it will start mattering when the generalists out there are underperforming because they don't own commodity stocks. And when the generalists are saying, Hey, I have to own something in the S P five hundred here, you know, to to help me stop outperforming, then it'll be new month the one they go to first, right? So that's that's the bellwether and the flows into that'll tell you what happens and then it and then it drifts down to the other stocks in the sector.

Craig (22:55.955)
So in a way kind of a rotation away not away from growth, but more focused on value than growth, perhaps.

Bob Thompson (23:02.847)
Mm-hmm. But but you know, I'll just say to the listeners, there's nothing you it just because it's not a popular sector doesn't mean you can you can't make a lot of money. I mean there's it's all kinds of 10 baggers and 15 baggers and you know, great bearer resources, right?

Craig (23:12.317)
Right.

Bob Thompson (23:17.483)
dollar fifty it was a dollar fifty a few years ago. They got taken out for twenty nine dollars, right? Snowline gold was one that was trading at below a dollar just a few years ago. And here we are at fifteen dollars. It'll it'll probably get taken out some s one of these days, right? So you can make a lot of you know

Craig (23:27.719)
Yeah.

Bob Thompson (23:34.367)
Kirkland Lake gold, right? Eric used to be the chairman of Kirkland Lake. And and right during the worst part of the bad market, night seven two thousand seventeen, eighteen, you know, Kirkland Lake went up five hundred percent, right? So you can you can yeah, you can do well in that. Yeah.

Craig (23:36.379)
boy.

Craig (23:48.479)
It was like it was like seven. I r I remember when we were doing those weekly wrap up things and he was like, Yeah, I th this stock's pretty good. It was like seven. And then it went and then and then it got acquired by AEM and it yeah. So no, it's you're right. And it and again it kinda augers toward I mean there are times like last year when you could just buy the GDX or the SILJ or whatever and just ride along. But if we're back into this period where, you know, it's good to have

Bob Thompson (23:58.808)
Yeah, yeah. Sixty. Yeah. Yeah. Craziness.

Craig (24:18.389)
a little more of a stock picker knowledge and know what you're dealing with. gosh, you gotta find all the help you can get. Bob, you've always been very gracious in like sharing your email address with everybody if if you can help. Tell everybody a little bit what it what it is you do at Raymond James.

Bob Thompson (24:33.323)
Yeah, y you know, we deal with with high net worth people that

Have made their money, want to preserve their money, you know, obviously that's an integral part of that is having gold, right? Be playing playing that defense in the portfolio. Deal a lot with mining executives who who want to keep what they had. But we also put out something called the gold digger every month, which I think is important because everything that I've talked about here, we we talk about monthly in the in the gold digger. And you can, you know, that's no cost, you can certainly get that. It's you just go to miningwealth dot ca, miningwealth.ca and you can you can get the gold digger and and we we

Craig (24:44.435)
Yeah.

Bob Thompson (25:08.431)
We talk about all these sort of topics, not just on gold and silver, but we apply it to the general market too, which I think is important. And I think that that helps that we're we're buying lots of different things for people, not necessarily just in the precious metal space, because it really sometimes you can't see the forest for the trees when you're stuck in them, right? But it's good to have that big picture view. So you know, that that's what we do. We we we're portfolio managers and you know, been been pretty pleased with how things have worked out.

Craig (25:24.711)
Yeah.

Craig (25:35.601)
Always fun to visit with you, Bob. And you always bring great perspective. it'll be interesting to look back. I mean, as we look back at January as we record this, by the next time we speak, it'll be fun to look back and go, Wow, how to boy, we've made it through that summer at least. it'll be fun to visit again soon. In the meantime, I hope you have a great rest of your summer and and stay well and I hope you prosper for the back half of this year and have some fun.

Bob Thompson (25:37.441)
Major.

Bob Thompson (26:01.025)
Fantastic, Craig. Good to chat with you again, o as always.

Craig (26:04.409)
It is always fun, Bob, and it's good to see you. And on your way out, yeah, we're kind of wrapping up July, but who knows what August is gonna bring at this point. So hit that like or subscribe button so that you're notified every time Sprott Money puts out some fresh content in August and beyond. It'll help cast a wider net. It's good for the algos too, but it'll also keep you in the loop to all the information that Sprott Money puts out.

So hit that button on your way out. And we will see you again soon. Thanks everybody for watching. Thanks, Bob, for his time. And thanks, Sprop Money, for putting this information out. And thank you all for watching.